Petrobras Closes Deal to Sell Its Interest in Guarani

Source: www.gulfoilandgas.com 12/28/2016, Location: South America

Petroleo Brasileiro S.A. informs that its wholly-owned subsidiary Petrobras Biocombustivel S.A. (PBIO) celebrated on this date with Tereos Participations SAS, a company under French group Tereos, the Agreement for Purchase and Sale of Shares (Contrato de Compra e Venda de Acoes e Outras Avenças), to sell the whole of its interest in Guarani S.A., corresponding to 45.97% of the company capital, for the amount of US$ 202 million.

Guarani is one of the leading companies in the Brazilian sugar and ethanol market, occupying the third position among the largest sugar producers in Brazil. The company holds eight industrial plants, seven of which in Brazil, in Sao Paulo state (Andrade, Cruz Alta, Sao Jose, Severinia, Mandu, Tanabi, and Vertente plants, the latter in shared control with Humus Group, which holds 50%), and one in Africa, in Mozambique (Sena plant).

Tereos, which is a partner of PBIO in Guarani, with 54.03% stake, is the third largest sugar producer in the world. The group is specialized in transforming raw material in sugar, ethanol, alcohol, and starch, and holds 42 industrial units in Europe, South America, Indian Ocean, Africa, and Asia, with 24 thousand associates.

This transaction is part of the partnership and divestment program and will be recorded in the 2015-2016 biennium target. The sale is aligned to the Petrobras Strategic Plan, which foresees the business portfolio optimization, withdrawing entirely from biofuel production activities.

The project is one of the five transactions which the contracts may be signed pursuant to the preventive order of the Brazilian Federal Accounting Court (TCU), as disclosed in the material fact announced on 12.20.2016, and its conclusion is subject to the approval of the Administrative Council for Economic Defense (CADE).


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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